Earlier this year, David Lewis, the Executive Secretary of the Financial Action Task Force (FATF), was asked to provide his opinion on how effective the global anti-money laundering (AML) community is performing. His answer was profound and honest: “Everyone is doing badly, but some are doing worse than others.” Credit to him, as he included himself and the FATF in the answer, but it is a damning indictment of our collective AML efforts.
